Sedgwick will build 15-story condo building in River North

The Bentham is among a small number of condo projects at a time when most investors are rental-focused

Chicago /
Jul.July 03, 2018 03:00 PM

Sedgwick’s Marty Paris

Sedgwick Properties has been cleared to build a 15-story condo building in River North at a time when most investors are focusing on apartments.

The city granted Chicago-based Sedgwick the initial construction permit for The Bentham at 146 West Erie Street. The permit covers the foundation and first three floors, work that is expected to cost $4 million.

The building will have ground-floor retail, enclosed parking and 31 condos on floors 4-14.

Jameson Sotheby’s Realty is listing the units, which Curbed reported last year would start at $1.3 million.

In recent years, most multifamily development Downtown has occurred in the rental market, as builders and buyers alike found it more difficult to secure financing for condos post-crash, and a growing millennial workforce fed the need for apartments. Condo buildings have been more of a target for deconversion than development.

But there have been a few exceptions, most notably JDL Development’s 9 West Walton Street, which has dominated the list of most expensive sales since last year.

A number of large projects in the works also include condominiums, including Related Midwest’s One Bennett Park and former Chicago Spire site projects, Vista Tower and the condo tower known as 1000M at 1000 South Michigan Avenue from JK Equities, Time Equities and Oak Capital.


Related Articles

arrow_forward_ios
Gov. J.B. Pritzker, Related Midwest President Curt Bailey and Related's condo project (Getty, Related)
Illinois poised for new affordable housing incentive
Illinois poised for new affordable housing incentive
Draper & Kramer CEO Todd Bancroft with Royal George Theatre (Google Maps, Draper & Kramer)
Apartment complex could rise at shuttered Lincoln Park playhouse
Apartment complex could rise at shuttered Lincoln Park playhouse
(Bronzeville Lakefront)
Chicago approves $4B Bronzeville Lakefront redevelopment
Chicago approves $4B Bronzeville Lakefront redevelopment
Shapack plans 316-unit tower in Fulton Market
Shapack plans 316-unit tower in Fulton Market
Shapack plans 316-unit tower in Fulton Market
@properties expands into Dallas with new franchise
@properties expands into Dallas with new franchise
@properties expands into Dallas with new franchise
One Eleven East Chestnut and the entrance to the garage (111 E Chestnut, Google Maps)
City sues condo tower garage over long-delayed repairs
City sues condo tower garage over long-delayed repairs
Governor J.B. Pritzker (Getty)
Illinois to phase out state eviction moratorium during August
Illinois to phase out state eviction moratorium during August
5001 S Greenwood Ave (Realtor, iStock)
Archdiocese sells Kenwood mansion for almost $1M under original asking
Archdiocese sells Kenwood mansion for almost $1M under original asking
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...